Hi all,
New job means that I'm going to be a fairly frequent flyer between Perth and Melbourne this year (return flight every two weeks) and was looking at the Qantas points I'll be banking. Was looking at the pointshack page and saw the points deals with various credit cards.
After having a look at the T&C's, it seems like each card has a minimum spend to get the points, then a period after you've signed up to the card where you can't apply for another (normally 12 months) with the same bank.
I was thinking of getting one card from Bank 1, spending to the limit, canceling it after 6 months, getting a new card from Bank 2 then repeat this 6 month cycle between the two banks. After the six months on the second card is up, I'll be eligible to get another card at Bank 1 again as its outside of the 12 month time frame. Basically I don't need the credit card at all, but just want to bank some points.
That being said, I don't want to do this if its going to end up with me getting blacklisted from setting up new credit cards or ruining my credit rating as I might actually want one in the future.
Does anyone else do this to bank points, or will this have some negative effect that I can't see?
New job means that I'm going to be a fairly frequent flyer between Perth and Melbourne this year (return flight every two weeks) and was looking at the Qantas points I'll be banking. Was looking at the pointshack page and saw the points deals with various credit cards.
After having a look at the T&C's, it seems like each card has a minimum spend to get the points, then a period after you've signed up to the card where you can't apply for another (normally 12 months) with the same bank.
I was thinking of getting one card from Bank 1, spending to the limit, canceling it after 6 months, getting a new card from Bank 2 then repeat this 6 month cycle between the two banks. After the six months on the second card is up, I'll be eligible to get another card at Bank 1 again as its outside of the 12 month time frame. Basically I don't need the credit card at all, but just want to bank some points.
That being said, I don't want to do this if its going to end up with me getting blacklisted from setting up new credit cards or ruining my credit rating as I might actually want one in the future.
Does anyone else do this to bank points, or will this have some negative effect that I can't see?